Attorney Convicted in Manhattan Federal Court on Multi-Million-Dollar Mortgage Fraud Conspiracy, Bank Fraud, and Money Laundering Charges
November 3, 2011
Total Loss:
Multi-Millions
PREET BHARARA, the United States Attorney for the Southern District of New York, announced that LOUIS CHERICO was convicted yesterday in Manhattan federal court of conspiring to commit bank fraud, bank fraud related to three separate mortgages, and one count of money laundering. U.S. District Judge COLLEEN MCMAHON presided over the three-week jury trial.
According to the trial evidence and other documents filed in the case:
LOUIS CHERICO was an attorney who practiced in New York City and Westchester County. From July 2002 through the end of 2002, CHERICO participated in a fraudulent real estate investment scheme, which had as its primary objective the purchase of multi-million-dollar residential properties in various communities in Westchester County. The purchases were made with loans obtained through the submission of false and misleading information to banks and other lenders. Many of the loans were equal to, or in excess of, one hundred percent of a property’s actual sale price, so that the defendant and his co-conspirators did not have to put any of their own money at risk in the transactions.
Source:
FBI
Posted in:
Money Laundering